The Morning Download: Box IPO ‘Just the Beginning’

Good morning. Cloud software, which emerged as an alternative to expensive and complex software packages, is beginning to take a different shape, as illustrated by the most recent IPO filings. Cloud file storage company Box Inc. filed for its initial public offering Monday, and plans to raise up to $250 million, the Journal’s Douglas MacMillan, Shira Ovide and Telis Demos report. But as Box CEO Aaron Levie says in his letter to shareholders, this is “just the beginning.” As far as Mr. Levie is concerned, Box will be much more than an online storage company. Its mission statement, “connecting people and their most important information,” leaves a lot of room for growth. Mr. Levie has made no secret in the past about his ambition to grow into a significant platform player, with partners providing services it doesn’t. It’s the same strategy espoused by Cloudera Inc. CEO Tom Reilly, and provides a glimpse into the future of cloud based software and services.

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